Echostar (NASDAQ:ECHO) Stock Lifted to “Overweight” by JPMorgan Chase & Co.

Echostar (NASDAQ:ECHO) was upgraded by equities research analysts at JPMorgan Chase & Co. from an “underweight” rating to an “overweight” rating in a report released on Friday, Benzinga reports. The firm presently has a $144.00 price target on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 66.67% from the company’s previous close.

Several other equities analysts also recently issued reports on ECHO. Raymond James Financial upgraded shares of Echostar from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective on the stock in a report on Friday, July 17th. TD Cowen reduced their price objective on shares of Echostar from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $137.00 price objective on shares of Echostar in a research note on Wednesday, July 15th. Citigroup reduced their price target on Echostar from $126.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, August 4th. Finally, UBS Group upgraded shares of Echostar from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $127.00 to $150.00 in a report on Tuesday, September 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $138.56.

Echostar Stock Down 0.5%

ECHO opened at $86.40 on Friday. Echostar has a 52 week low of $65.76 and a 52 week high of $147.25. The company has a current ratio of 5.20, a quick ratio of 5.12 and a debt-to-equity ratio of 1.13. The stock has a market cap of $25.10 billion, a PE ratio of -3.45 and a beta of 0.99. The company has a 50 day moving average price of $90.89.

Echostar (NASDAQ:ECHO) last posted its earnings results on Monday, August 3rd. The company reported $24.12 EPS for the quarter, beating the consensus estimate of ($0.02) by $24.14. The company had revenue of $3.58 billion during the quarter, compared to analyst estimates of $3.59 billion. Echostar had a negative return on equity of 1.28% and a negative net margin of 38.71%. The business’s revenue was down 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.06) earnings per share. Equities analysts anticipate that Echostar will post -1.35 EPS for the current year.

Insider Buying and Selling at Echostar

In related news, Director William Wade sold 2,575 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $92.65, for a total transaction of $238,573.75. Following the sale, the director directly owned 2,749 shares in the company, valued at approximately $254,694.85. This represents a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen Bye sold 8,508 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $89.83, for a total transaction of $764,273.64. Following the sale, the director owned 653 shares in the company, valued at $58,658.99. This represents a 92.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,508 shares of company stock worth $1,224,686 in the last ninety days. 54.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Echostar

Institutional investors and hedge funds have recently modified their holdings of the company. Ascentis Wealth Management LLC acquired a new position in shares of Echostar during the second quarter valued at about $334,950,000. Tidal Investments LLC purchased a new stake in shares of Echostar in the 2nd quarter valued at approximately $159,344,000. Tema ETFs LLC boosted its stake in Echostar by 83,917.0% during the 2nd quarter. Tema ETFs LLC now owns 1,539,191 shares of the company’s stock worth $156,228,000 after acquiring an additional 1,537,359 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Echostar in the 2nd quarter valued at approximately $139,004,000. Finally, Bank of America Corp DE grew its stake in shares of Echostar by 42.4% in the 1st quarter. Bank of America Corp DE now owns 1,069,301 shares of the company’s stock worth $125,183,000 after acquiring an additional 318,248 shares in the last quarter. 33.62% of the stock is currently owned by hedge funds and other institutional investors.

About Echostar

EchoStar Corporation is a communications and technology company that provides connectivity services through wireless, satellite, and broadband networks. Its businesses include Boost Mobile, a wireless service provider offering mobile voice, data, and broadband services, as well as satellite communications and related connectivity solutions for consumers, businesses, and government customers.

The company also operates through Hughes, which provides satellite internet, managed network services, and other broadband solutions, particularly for customers in areas with limited access to terrestrial communications infrastructure.